Leeds offices market robust in Q4 2012
Take-up of office space in Leeds city centre during 2012 totalled 405,951 sq ft, according to the Leeds Office Agents’ Forum. This is the largest total for four years and compares with the 398,159 sq ft reported for 2011.
The market for out-of-town offices in Leeds also improved significantly in 2012, with the total transacted during the year reaching 340,374 sq ft, up 21% compared with the previous year.
During the final quarter, 23 deals were recorded in the city centre, totalling 70,361 sq ft, which was 42% lower than the previous quarter. In the out-of-town office market, there were 26 deals in Q4 2012, totalling 66,370 sq ft, which was up 11% compared with the previous quarter.
Richard Dunn, spokesman for the forum and partner at Sanderson Weatherall, said the figures show the Leeds offices market remained robust in the final quarter. “The bounce-back in city-centre take-up, which reached the highest level seen for the last four years, is particularly encouraging, and shows that whilst there is a degree of occupier caution, we are seeking improving sentiment.”
He added that occupier activity was continuing to be driven by smaller deals, as in other regional offices market. In Leeds there were no deals over 10,000 sq ft in the final quarter of 2012. This is expected to change, however, with an increase in larger deals forecast for the first quarter.
“With a diminishing grade A stock in the prime core and a raft of structural lease events on the horizon, we are confident that a return to a pre-let office market remains imminent as occupiers take the opportunity to secure modern, efficient accommodation,” he concluded.
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